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Bitcoin, Ethereum Technical Analysis: ETH Rebounds On Thursday, Less Than A Week Before ‘The Merge’

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Bitcoin, Ethereum Technical Analysis: ETH Rebounds On Thursday, Less Than A Week Before ‘The Merge’

Ethereum was back in the green on Thursday, as bulls returned to action following yesterday’s sell-off. The token rose by over 8% in today’s session, as prices once again climbed above the $1,600 level. Bitcoin also rebounded in today’s session, moving back above $19,000. Overall, crypto markets are trading 4.39% higher as of writing.

Bitcoin

After slipping to a multi-month low on Thursday, bitcoin (BTC) rebounded in today’s session, as prices rose back above $19,000.

BTC/USD rallied to an intraday high of $19,427.17 earlier today, which comes less than 24 hours after hitting a bottom of $18,710.09.

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The rebound saw bitcoin move away from its lowest point since June 18, with the token now trading near a support level of $19,200

BTC/USD – Daily Chart

Looking at the chart, the relative strength index (RSI) is still in oversold territory, with the index tracking at 34.84 as of writing.

A ceiling of 38.00 now awaits should the token continue to rise, and may act as a potential obstacle to prices climbing any further.

However, should BTC move beyond this point, bulls may look to take prices closer to the $20,000 point.

Ethereum

Ethereum (ETH) was back in the green, as bulls once again re-entered the market, buying yesterday’s dip in the process.

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Following a low of $1,505.95 on Wednesday, ETH/USD raced to an intraday peak of $1,651.05 during Thursday’s session.

The move comes as ethereum bounced from its floor of $1,550 earlier in today’s session, after a false breakout below this point yesterday.

ETH/USD – Daily Chart

Although bulls still have their sights set on a ceiling of $1,700, price volatility has increased, following a move above resistance of $1,614.

ETH has now declined from earlier highs, which comes as a result of potential profit taking, with previous bulls opting to secure gains.

As of writing, the token is now trading at $1,622.92, less than six days before the start of The Merge event.

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Can ethereum hit $1,700 before the end of the week? Leave your thoughts in the comments below.

Eliman Dambell

Eliman brings a eclectic point of view to market analysis, having worked as a brokerage director, retail trading educator, and market commentator in Crypto, Stocks and FX.

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Image Credits: Shutterstock, Pixabay, Wiki Commons

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Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

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MATIC – The how and why of this buying opportunity

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MATIC – The how and why of this buying opportunity

Disclaimer: The findings of the following analysis are the sole opinions of the writer and should not be considered investment advice.

  • MATIC sees a surge past a key resistance following an announcement
  • Price action needs to develop further but a buying opportunity could arise 

The native token of Polygon has posted rapid advances on the price charts over the past couple of days. This bullish move came at a time when Robinhood announced a partnership with Polygon as the trading app looked to move into the Web3 space. MATIC was able to zoom past the resistance at $0.78, but will a retest of the same offer another buying opportunity?


Here’s AMBCrypto’s Price Prediction for MATIC for 2023-24


MATIC clears liquidity pocket, further gains in sight

Source: MATIC/USDT on TradingView

In yellow, a range was highlighted for MATIC. It extended from $0.72 to $1.03, with the mid-point at $0.877. The price has traded within this region since mid-July, which added to the significance of the range.

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The RSI climbed back above neutral 50 after spending a good portion of September under the line. This suggested that the bearish momentum had flipped bullish. However, this might not signal that a move to or past $35 was on the cards.

At press time, the $0.788-zone was a liquidity pocket, one where a bullish order block could form over the next few days. Thereafter, a revisit to this zone could offer a buying opportunity.

MATIC could rise to $0.88 and $0.95 after such a retest, which can be used as take-profit levels.

Lack of inflows spotted this past week

The inflows chart revealed that inflows have fallen over the month of September, compared to August. In July, the amount of MATIC moving onto exchanges was much greater, yet the price did rally from $0.5 to $1 throughout that month.

Overall, the fact that inflows were somewhat subdued in September raised a bullish question. Could whales be accumulating MATIC? Even if the answer is yes, that might not stop the asset from sliding beneath the range lows in the event that Bitcoin plunges past $18.5k.

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Patience would be the key for longer-term traders and investors in MATIC. $0.788 is a key level and it could present a buying opportunity over the next week or two. This would require Bitcoin to remain near the $20k-mark or even rally past the $20.8k-resistance.

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Analysis

Biggest Movers: MATIC Hits 3-Week High, LINK Up Almost 10%

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Biggest Movers: MATIC Hits 3-Week High, LINK Up Almost 10%

Polygon raced to a three-week high during today’s session, as bullish sentiment returned to cryptocurrency markets. Chainlink was also in the green, as the token surged for a second straight day, rising by almost 10% in the process. Overall, the global crypto market cap is up 3.06% as of writing.

Polygon (MATIC)

Polygon (MATIC) was one of Tuesday’s big movers, as the token climbed to a three-week high following yesterday’s false breakout.

MATIC/USD started the weekend trading at a low of $0.7548, which was marginally below its floor of $0.7690.

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However, as bullish sentiment returned to crypto markets, the token raced to an intraday high of $0.8336 earlier today.

MATIC/USD – Daily Chart

This high is the strongest point that polygon has hit since mid-September, and comes as the 14-day relative strength index (RSI) hit its highest point in over three weeks.

As of writing, the index is now tracking at 55.90, which is marginally below a higher point of resistance of 57.65.

Should this obstacle be overcome, then we will likely see the token rise closer to the $0.8500 level.

Chainlink (LINK)

Similar to MATIC, chainlink (LINK) also rose on Tuesday, after prices bounced from a key support point.

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Following a collision with its long-term floor at $7.10 on Monday, LINK/USD rallied to an intraday high of $7.72 earlier today.

Tuesday’s rally sees the world’s 22nd largest token climb for a second consecutive session, moving closer to a ceiling of $8.05 in the process.

LINK/USD – Daily Chart

Looking at the chart, the 10-day (red) moving average (MA) has crossed over the 25-day (blue) MA, which usually signals the beginning of a bull run.

In order for the moving averages to maintain today’s upward momentum, we will likely need to see the RSI climb past several upcoming ceilings.

As of writing, the index is tracking at 53.37, with the first hurdle being the 55.00 point, and thereafter 58.30 could pose an even greater threat to bulls.

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Do you expect chainlink to hit $8.00 this week? Let us know your thoughts in the comments.

Eliman Dambell

Eliman brings an eclectic point of view to market analysis, he was previously a brokerage director and retail trading educator. Currently, he acts as a commentator across various asset classes, including Crypto, Stocks and FX.

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Image Credits: Shutterstock, Pixabay, Wiki Commons

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Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

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Analysis

Bitcoin, Ethereum Technical Analysis: BTC Back Above $20,000, USD Hits 2-Week Low

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Bitcoin, Ethereum Technical Analysis: BTC Back Above $20,000, USD Hits 2-Week Low

Bitcoin was back above $20,000 on Tuesday, as the U.S. dollar fell to its lowest point in two weeks versus several G7 currencies. The stronger dollar has impacted purchasing power in cryptocurrencies, and commodities like crude oil, which last week fell to a nine-month low. Ethereum was also up, hitting a five-day high.

Bitcoin

Bitcoin (BTC) briefly rose above $20,000 on Tuesday, as the U.S. dollar continued to decline versus other major currencies.

This has resulted in the world’s largest cryptocurrency climbing to a peak of $20,071.20 earlier in today’s session.

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Today’s high is the strongest point that BTC/USD has traded at since September 30, and is marginally below a ceiling of $20,200.

BTC/USD – Daily Chart

As can be seen from the chart, earlier bulls retreated from the market as BTC neared the aforementioned resistance point.

Overall, the rally began following a breakout of another point of uncertainty, this being the ceiling of 49.00 on the relative strength index (RSI).

The index is now tracking at 52.22, which is slightly below a resistance of 53.00, and this seems to be another reason why BTC has slipped from its earlier high.

Ethereum

Like BTC, ethereum (ETH) also rose to a five-day high in today’s session, moving above a key resistance level in the process.

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Following a low of $1,294.41 to start the week, ETH/USD raced to an intraday high of $1,355.89 earlier in the day.

The move saw ethereum break out of its ceiling of $1,330, with the 14-day RSI also moving beyond a point of resistance.

ETH/USD – Daily Chart

Looking at the chart, the indicator rose above its ceiling of 41.50, and as of writing, is tracking at 44.82.

This is the strongest reading for the index since September 15, when ETH was trading at a high of $1,470.

In order to move back towards those levels, the RSI will need to break out of an upcoming ceiling of 45.00.

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Could we see ethereum hit $1,400 before the end of the day? Leave your thoughts in the comments below.

Eliman Dambell

Eliman brings an eclectic point of view to market analysis, he was previously a brokerage director and retail trading educator. Currently, he acts as a commentator across various asset classes, including Crypto, Stocks and FX.

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Image Credits: Shutterstock, Pixabay, Wiki Commons

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Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

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